Billionaire investor Warren Buffett and JPMorgan Chase Chief Executive Jamie Dimon are concerned that setting short-term goals brings harm to economy and insist that corporations stopped making quarterly forecasts, Reuters informs with reference to Wall Street Journal.

Pressure to meet short-term goals resulted in fall of some US public companies, experts think. Moreover, focusing on short-term perspective made some companies with long-term vision not to go public at all. It suppresses innovations and opportunities in the economy.

Concentration on immediate results may harm long-term strategy of a company as well as its growth and stability. Corporations often delay investments into technology, personnel and research to meet quarterly goals.

More than 100 million Americans invest into public companies either directly or through mutual funds. Millions more participate in corporate and pension funds.

Nevertheless, Buffett and Dimon do not mind current practice of quarterly and yearly reporting, since it provides for necessary transparency.